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Life Insurance

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Life Insurance: What It Is, How It Works, and How To Buy a Policy

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Life insurance is a contract in which an insurer, in exchange for a premium, guarantees payment to an insured’s beneficiaries when the insured dies.

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Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries when the insured dies.

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Term Life: Lasts a certain number of years, then ends. You choose the term when you take out the policy. Common terms are 10, 20, or 30 years.
Whole Life: Is a type of permanent life insurance that accumulates cash value.
Universal Life: A type of permanent life insurance with a cash value component that earns interest, universal life insurance has premiums that are comparable to term life insurance. Unlike term and whole life, the premiums and death benefit can be adjusted over time.
Variable Universal: The policyholder is allowed to invest the policy’s cash value.

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Premiums: Money the policyholder pays for insurance.
Cash Value: The cash value of permanent life insurance serves two purposes. It is a savings account that the policyholder can use during the life of the insured; the cash accumulates on a tax-deferred basis.
Death Benefit: The amount of money the insurance company guarantees to the beneficiaries identified in the policy when the insured dies.

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A beneficiary is any person who gains an advantage and/or profits from something. In the financial world, a beneficiary typically refers to someone eligible to receive distributions from a trust, will, or life insurance policy. Receiving payment from your life insurance typically involves your beneficiaries filing a claim and then waiting up to 30 to 60 days for the insurance company to pay out. Your beneficiaries may get to choose from different payment options.

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Life Insurance: What It Is, How It Works, and How To Buy a Policy

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Life insurance is a contract in which an insurer, in exchange for a premium, guarantees payment to an insured’s beneficiaries when the insured dies.